Investor Presentaiton

1Q18 performance highlights 1Q18 Revenue y-o-y growth ☑ +27.5% 1Q18 revenue, adjusted to include revenue of the discontinued operations (1), was GEL 296.7mln, up 16.3% y-o-y GGU revenue Aldagi revenue m² revenue Teliani revenue Revenue from discontinued operations 1Q18 EBITDA y-o-y performance (2) +10.6% ►1Q18 EBITDA, adjusted to include EBITDA of the discontinued operations, was GEL 46.1mln +13.1% GGU EBITDA +3.4% Aldagi EBITDA +48.0% +94.4% +11.4% 1Q18 Revenue contribution 209.7 296.7 87.0 30.7 29.2 12.9 12.5 1.7 GGU Aldagi m² Teliani Other Consolidated³ GHG Total m² EBITDA Teliani EBITDA EBITDA from discontinued operations 1Q18 EBITDA contribution +0.8% +5.1% +71.7% NMF +25.3% 31.8 46.1 14.4 14.3 4.5 1.3 (2.1) (3.0) GGU Aldagi m² Teliani Consolidated³ Other GHG Total 1 In December 2017, the Group's board of directors decided to reduce the Group's stake in GHG to less than 50% during 2018 and in line with IFRS, Georgia Capital continues to classify GHG as a "disposal group held for sale" in its 1Q18 balance sheet and GHG's results of operations are reported under the "discontinued operations" line as a single amount in the Georgia Capital's consolidated income statement. 2y-o-y EBITDA growth includes discontinued operations, GHG 3 excludes eliminations GEORGIA CAPITAL Page 6

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